Chevrolet is rolling out new electric vehicles (EVs) and enticing buyers with a no payments for 120 days offer on the new Equinox and Blazer EVs. However, there’s more to the deal than meets the eye.
After discontinuing the current-generation Bolt EV last December, Chevy is ushering in a new era with EVs based on GM’s Ultium platform. The new Equinox and Blazer EVs are now available, with the Equinox EV touted as the “most affordable” in its segment, offering over 300 miles of range.
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The 2LT Equinox, starting at $43,995, is already on sale, while orders for the lower-priced ($35,000) 1LT version are expected to open later this year. Meanwhile, Chevy has reduced prices on the Blazer EV by up to $6,520, with a new starting price just over $50,000. A more affordable model under $50,000 is set to debut later this year.
Both new Chevy electric models qualify for the $7,500 EV tax credit, bringing the Equinox prices down to as low as $35,795 and the Blazer EV to as low as $42,695.
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To sweeten the deal, Chevy is offering buyers no payments for up to 120 days when purchasing the new Equinox or Blazer EVs.
However, a closer look reveals that the deal may not be as attractive as it seems. The “Promo rate” on the 2024 Equinox is 5.99% for 72 months, while for the Blazer EV, it’s 7.79% for 72 months. Additionally, GM Financial allows dealers a 1.5% markup, potentially resulting in a Blazer EV rate as high as 9.29% APR. This could mean over $15,400 in interest on a $50,000 six-year loan (before taxes and fees), even with the 120-day deferral.
While new models qualify for the full EV tax credit, GM is offering $7,500 “Ultium Promise Bonus Cash” on older models. It’s crucial for buyers to inquire whether the specific model they’re interested in qualifies for the tax credit.
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For a lower rate, Chevy is offering as low as 3.9% on the Equinox EV for 60 months, though this is not part of the no-payment-for-120-days deal. Comparatively, Tesla’s Model Y, with a current interest rate of 0.99% for 72 months, remains a competitive option.
As buyers consider these offers, it’s important to carefully weigh the overall cost and terms to make an informed decision.
